Rumor has it that this 1932 house on the corner of Willow and Meadow which came on the market last week for $3.9 million already has a buyer. I saw it last week and again yesterday and it’s a charming place, beautifully renovated and expanded by the current owners but I’d have pegged it at $3.4, $3.5 , even with its acre of land, because there’s still a lot of work to do upstairs if someone wants a modern master bedroom suite. But it’s also my experience that when a resident of a particular neighborhood really wants a particular house, they’ll pay to make sure they get it. Club Road, also in Riverside, has seen some astonishing prices precisely because of this phenomenon. So if the rumor’s true, that’s great – it shows that there is money out there. My guess is that a lot of buyers have held off because they didn’t know where the bottom was. Now that it seems likely that, for some properties, the bulk of their price deterioration has taken place, buyers are committing to what they want. That does not mean that there aren’t still a huge number of houses for sale that have yet to approach their proper value and those aren’t going anywhere, in my opinion. But if you see a house that you like now, and the price is fair, grab it; don’t assume that there’s no one else out there buying.